Who is eligible for Chapter 13 bankruptcy in North Carolina?

Eligibility for Chapter 13 bankruptcy in North Carolina mainly hinges on several key criteria established by federal law. To qualify, an individual must be a resident of North Carolina and have a regular income. This income can come from various sources, such as employment, self-employment, or even rental income. It is also important that the individual's secured debts do not exceed a specific amount, which is periodically adjusted for inflation. As of the last update, the secured debt limit is approximately $1,257,850, while the unsecured debt limit is around $419,275. In addition to the debt limits, individuals must not have had a bankruptcy petition dismissed within the past 180 days due to failure to comply with court orders or for voluntary withdrawal after a creditor sought relief from the automatic stay. Also, individuals must complete credit counseling from an approved agency within six months prior to filing. For anyone considering filing for Chapter 13 bankruptcy, it is generally advisable to review the current guidelines thoroughly on the official website or an appropriate legal resource to ensure clarity on requirements and debt limits, which may change over time.